Rand Paul To Tie Yellen Nomination To Fed Transparency Bill

Sen. Rand Paul (R-KY) on Tuesday announced his intention to block the nomination of Janet Yellen to chair the Federal Reserve unless the Senate brings Fed transparency legislation to a vote.

In a letter to Senate Majority Leader Harry Reid (D-NV), Paul said he would place a hold on Yellen's nomination unless the chamber ties that vote to one on the Federal Reserve Transparency Act, which would mandate a complete audit of the central bank. A version of the bill passed the House in 2012, but the legislation has stalled in the Senate.

"As the Senate debates the nomination of the next head of the Federal Reserve, there is no more appropriate time to provide Congress with additional oversight and scrutiny of the actions and decisions of the central bank," he wrote.

Paul first informed Senate leadership last week of his intent to block the nomination.